Are you prepared for the future? Estate planning is an essential part of ensuring your loved ones are taken care of after you pass away. Heritage Law Office, located in Milwaukee, Wisconsin, can help guide you through the estate planning process and ensure your wishes are followed.
Understanding Estate Planning
Estate planning is the process of arranging for the management and disposal of your assets after you pass away. The goal of estate planning is to make sure your assets are distributed to the people you want to receive them in the manner you desire. Estate planning is also important because it can help minimize the tax burden on your estate.
Wills and Trusts
One of the most critical aspects of estate planning is creating a will. A will is a legal document that outlines how your assets will be distributed after your death. If you do not have a will, your assets will be distributed according to state law, which may not be in line with your wishes.
A trust is another essential estate planning tool. A trust allows you to transfer your assets to a third party, known as the trustee. The trustee then manages and distributes the assets according to your wishes.
There are different types of trusts, including revocable and irrevocable trusts. A revocable trust, also known as a living trust, allows you to retain control over your assets while you are alive and can be amended or revoked at any time. An irrevocable trust, on the other hand, cannot be modified or revoked once it is created.
Powers of Attorney and Living Wills
In addition to creating a will and trust, estate planning also involves creating documents that outline your healthcare wishes. A power of attorney for healthcare is a document that designates someone to make healthcare decisions on your behalf if you are unable to do so. A living will, also known as an advance directive, outlines your healthcare wishes if you are unable to communicate them yourself.
Business Succession Planning
If you own a business, estate planning is even more critical. Business succession planning involves determining who will take over the business after you pass away. Without a plan in place, your business may be subject to probate, which can be a lengthy and costly process.
Estate Tax Planning
Estate tax planning involves taking steps to minimize the tax burden on your estate. Heritage Law Office can help you explore different estate planning strategies that can help reduce your estate tax liability.
Contact a Wisconsin Estate Planning Attorney
At Heritage Law Office, our experienced estate planning attorney in Wisconsin can help you create an estate plan that meets your needs and goals. We will work with you to understand your wishes and provide you with an outline of your best options, including the creation of an irrevocable trust. Contact us online or at 414-253-8500 to schedule a free consultation today.